MYTILINEOS: New deal with Aquila Capital for a landmark project in Spain
These are the major Jaen and Guillena projects in Andalusia, each with a capacity of 50 MW, which are under construction by MYTILINEOS RSD Business Unit
MYTILINEOS through its Renewables and Storage Development (RSD) Business Unit and Aquila Capital, a sustainable development and asset management investment company, have signed a major agreement to sell a portfolio of 100 MW of photovoltaic projects in southern Spain.
As part of this new subversive agreement, Aquila Capital acquires two photovoltaic projects, with an operational horizon by the end of the third quarter of 2022.
These are the Jaen and Guillena projects in Andalusia, each with a capacity of 50 MW, which are under construction by the RSD Business Unit of MYTILINEOS. Once operational, these projects will produce around 200 GWh of 100% “green” energy per year. It is, thus, a “green” investment that highlights the strong investment plans of the company.
“We are excited about this transaction in Spain. This is yet another important milestone for our development strategy in Europe and follows closely on our recent agreement in Romania to dispose of 2 solar PV projects. Spain is one of the most important markets for Solar PV in Europe, with significant capacity increase targets, and we are proud to contribute towards that direction. We are also delighted to enter into this agreement with Aquila Capital and envisage furthering the cooperation of the two organizations.”, stated the General Manager of the RSD Business Unit of MYTILINEOS, Nikos Papapetrou.
“We are very pleased with this transaction and its strategic fit. On the one hand these very advanced solar projects are a great addition to our local portfolio, with operations to start and investor returns to be generated still in this year. On the other hand, this cooperation with a strong international company like MYTILINEOS offers great potential for the future, as we are both aligned to contribute to further expansion of the share of renewables in energy generation.”, said Andrew Wojtek, Head of Investment Management at Aquila Clean Energy EMEA.
MYTILINEOS, through its RSD Business Unit, is implementing a project development and investment platform for solar PV and storage projects and has in operation approximately 118 MW of solar PVs in Australia and 3.5 MW in Cyprus, which have commenced contributing to the Company’s financial results from H2 2021.
These projects are part of a total pipeline of solar PV and energy storage projects under various stages of development that exceed 4GW and are located in Iberia, Italy, UK, Cyprus, Romania, Chile, Australia and South Korea for which it will assess options to monetize or integrate in its operations.
Aquila Capital currently manages wind energy, solar PV and hydropower assets of more than 13 GW capacity, from which more than 8 GW are in Southern Europe. Spain is a key market for Aquila Capital, where the company has a pipeline of more than 60 projects under development, construction or in operation.
Finally, it is clear that this cooperation is only the beginning of even more “green”, strong investments of the company in the field of photovoltaics and not only!